File that Tax Return!
Weekly Tax Tip
Monday, October 17th marks the extension deadline for filing your 2015 Form 1040 Tax return. While most taxpayers have this event in the rearview mirror, if you have not filed a tax return, you still have a few weeks to get this done. Think you do not need to file a tax return? Here is a quick checklist of cases when filing one might make sense.
- You are due a refund. Without filing, the government could end up keeping these funds.
- You wish to start your audit time clock. Remember the audit time-frame never starts if you do not file your tax return.
- You are eligible for Health Insurance Premium Credit. Be aware of this possible benefit if you use the market exchange to purchase your health care insurance.
- You have withholdings, but owe no tax.
- You are eligible for a refundable credit. This is true with the popular Earned Income Tax Credit, the Additional Child Tax Credit, and a portion of the American Opportunity Tax Credit.
- Your state requires a federally filed tax return.
- You want the filed tax return for your records.
Many taxpayers have trouble gathering accurate and complete information necessary to file their tax return. When they cannot get all the necessary information, they get stuck. Should this be your situation, please ask for help. Even a reasonably close tax filing that is later amended when more information becomes available can be a better alternative than not filing at all.
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